Comparing GDAX vs Poloniex

GDAX and Poloniex are cryptocurrency exchanges that offer different coins with varying fee structures. GDAX focuses more on major coins like Bitcoin and Ethereum, while Poloniex has a wide array of different options including alt coins which aren’t always featured on exchanges.

Neither has an app yet, but they do offer consumer support as well as an interface that’s fairly easy to figure out by active traders or people who read the FAQ. They also have been around since 2019 and 2019 respectively, showing their ability to adapt and still stay relevant in the crypto world. We’ll help explain what each exchange has to offer and how they differ in this full examination.

Fundamentals of GDAX vs Poloniex

GDAX is slightly older with their start in 2019, though Poloniex isn’t much younger, having a 2019 launch date. Both are operated in the US, and they offer free account signups for users.

A major difference to consider is that with Poloniex you can only make deposits with crypto; on GDAX you get numerous options. This includes a bank wire, transfer or deposit with credit card using their Coinbase set up, as it’s owned by the same company.

Options offered by Poloniex

Another major difference which will factor in on what exchange you prefer is coin options. GDAX sticks to 4 coins including Bitcoin, Bitcoin Cash, Ethereum and Litecoin, and it’s highly likely they will only offer these coins for the time being. The interface is also easier to look and, and isn’t flooded with as many details that can make it hard to understand. GDAX has the same basic information, just in a more visually appealing format.

When looking at GDAX’s website it’s also clear where to go and how to open an account. This makes sense since it’s operated by the same team behind Coinbase, which has the most user friendly interface. On GDAX you can determine easily what the value is and how to begin.

Poloniex does have the advantage in coin offerings.

They also have a live market update to look at the current value of different coins, as well as an interface for stop orders buying, or selling.

Coin options are much more expansive on Poloniex and it appears they will continue to update with coins they find suitable.

For people interested in lesser known alt coins, it may offer the edge in making your final decision.

Consumer Support

You can find social media handles and other relevant details about each company online. There tends to be a solid review of GDAX and their consumer support staff. People did have some trouble setting up their accounts on Poloniex, but it appears that this was often corrected in time. Poloniex has been around since 2019, and GDAX in 2019 and they both have had a relevant process to this date in the world of crypto. This is always a good sign as it shows their longevity and ability to apt to consumer demands and updates.

Trust

If you do a quick search you’ll find a lot of successfully traders who use both GDAX and Poloniex. They remain popular exchanges for good reason; their reputation with customers is good enough to keep them as stable places to trade. For years now they have kept a presence and they are active on social media as to help provide updates and to interact with users.

You can also reach out to their support team direct by opening up a ticket. GDAX extends their reach by offering an email and phone number.

Security

GDAX and Poloniex continue to be popular marketplaces for crypto. As of right now, there have been issues with exchange speed, but they were corrected. GDAX had a crash that was not associated with any hacking; luckily they ended up paying to correct this. There is also FDIC insurance on USD for GDAX users.

Poloniex keeps most of the funds on cold storage and with GDAX it’s known they have a total of 98% kept in cold storage.

Fees

The fee structure is somewhat similar, but it depends on the volume. Right now GDAX has no fees for makers; only takers have to pay with a fee structure that is as low as 0.1% for high volume, and 0.25% for minimal volume.

Poloniex also begins at 0.25% but this is also for makers. Makers pay slightly less with the highest amount being 0.15%, and the lowest being free trades starting at 1,200 BTC or more. Takers will always pay a fee of a minimum of 0.05% on 120,000 BTC or more. Both websites offer a clear explanation on what users can expect to pay depending on what they’re looking to purchase.

Offered Crypto

Poloniex has many kinds of coins, including all the coins currently offered on GDAX. Currently GDAX only offers support for BTC, LTC, ETH, and BCH, the four most popular major coins currently sold. There doesn’t seem to be any future additions for GDAX, and Poloniex appears to still be looking to add more to its exchange.

As of right now your options can vary on Poloniex, but this is only of use if you’re interested in lesser known alt coins.

GDAX vs Bittrex

Bittrex offers many kinds of crypto, with some of the largest availability for alt coins. They also offer more popular coins however such as LTC, BTC, BCH, DOGE, and several others. Their fee structure is much simpler as it’s capped of at 0.25% for commission on any and all trades.

GDAX vs Coinbase

Coinbase is actually owned by the same company behind GDAX, but the major difference is that Coinbase was made as an easy to understand platform for all. Their fees are slightly higher and they focus only on major coins, and it does not appear they will offer alt coins in the future. With them people can provide bank deposits or credit card deposits.

GDAX vs Binance

Binance offers many kinds of crypto and allows trading for USDT, ETH, BNB, and BTC. Their own token can also be used for deeper discounts on all trades. This is updated with a live market showcase which highlights what the current value is of their offered crypto. They also have a major emphasis on affordable coin with many different offerings.

Poloniex vs Kraken

Kraken is a popular exchange that offers different coins like XBT, DASH, BTC, LTC, and ETH. Their fees can vary depending on the specific coin you’re interested in, as well as the total volume. This also is based on a percentage that depends on whether the person is a maker or taker.

Poloniex vs Bitstamp

Bitstamp currently offers trading or only major coins including Bitcoin Cash, Ethereum, Litecoin, Ripple, and Bitcoin. Their way of handling transactions is quick and there are clear fees mentioned upfront. There’s also a clear market update so people interested can know the current value of the live order book. Graphs are also offered to see what market fluctuations are ongoing.

GDAX vs Poloniex FAQ

Is there a GDAX app?Currently there is no official app offered, only 3rd party apps.

Is GDAX offered in Canada?Support is offered for Canadian users.

Is GDAX safe to use?For years now GDAX has successfully been used by traders to access crypto.

What are the full GDAX fees?There is a fee for USD wires at $10 USD and $25 USD for withdrawals. No fees are attached to owning and operating an account, nor is there any fee for deposits or withdrawals of crypto.

How do I trade on GDAX?After registering for an account you can fill out an order form to get the crypto of your choice as long as you have money deposited in your account.

Does Poloniex support have chat and do they offer phone number?People can open up a ticket to get support or they can take advantage of their informative FAQ.

What is a common Poloniex review?People had different experiences but they have a lot of praise for their interface and customer service.

What kind of Poloniex verification can I expect?Verification is now required for safety reasons and will include a picture with a note of to provide a legible date.

Where is the Poloniex login page?Once you visit their official website there is a login at the top right hand corner.

Summary

Selecting an exchange to fit your needs depends on a lot of factors. This includes volume, what kind of crypto you’re interested in, and whether or not you care about the user interface. Both are very popular options though there are some differences. With Poloniex the fee structure ranges on the volume and whether you’re a maker or taken. With GDAX they also have a fee structure with no charge on makers. The 30 day volume is calculated for takers with a starting rate of 0.25% for small amounts.

Poloniex is different in that hey offer more alt coins, but realistically choosing an exchange over the other depends n your interest. Both are good places to start with, as they are widely used by many interested in crypto. Right now Poloniex only offers depositing of crypto, and on GDAX you can set up a bank wire, bank transfer, and deposits through Coinbase which can come from credit card deposits.

Get the best of About VKool in your box.Get the best of About VKool in your box.

Advertising Disclosure

Displayed content is offered by businesses which have been compensated. There is a potential effect on how, what, and where products may appear. All effort is made into providing full transparency, not all available products or companies are highlighted. Published material is offered without any slant or bias no matter what affiliation there is with sponsorship or association.